Customer Login   |  Quick Order   |  Contact Us  |  Site Map     
  
Home > Underwriting > TIRSA Rules > SECTION 20 - BULK FEE

SECTION 20 - BULK FEE, LEASEHOLD, AND LOAN POLICIES ON CONDOMINIUM UNITS AND RESIDENTIAL SUBDIVISIONS

The rates set forth herein shall apply only to the initial sale, loan, or lease of any such condominium unit or subdivision lot following the creation of the condominium or residential subdivision.

  1. Whenever application is made for an individual owner’s, leasehold and/or loan policy on condominium units or residential subdivision lots, either of which is shown on a condominium plan or residential subdivision map of at least 10 units, the following rate may be applied if the base fee title or a blanket mortgage covering the condominium or residential subdivision was previously insured.

    1. Owner’s or leasehold owner insurance: Charge seventy percent (70%) of the applicable owner’s rate.

    2. Loan insurance: Charge seventy percent (70%) of the applicable loan rate.

    3. Simultaneous issue of fee owner’s (or leasehold owner’s) and loan policies (Covering Identical Premises): Charge the rate set forth in paragraph (1) above for the owner’s (or leasehold owner’s) policy. For the amount of the loan policy up to the amount of the owner's policy, charge thirty percent (30%) of the rate set forth in (2) above. For the amount of the loan policy in excess of the amount of the owner's policy, charge the rate set forth in (2) above.

    4. Simultaneous issue of owner’s and leasehold owner’s policies (Covering Identical Premises): Charge the rate set forth in paragraph (1) above for the owner’s or leasehold owner’s policy. For the amount of the leasehold owner’s policy up to the amount of the owner’s policy, charge twenty-one percent (21%) of the owner’s rate. For the amount of the leasehold policy in excess of the amount of the owner’s policy, charge seventy percent (70%) of the owner’s rate.

    5. Simultaneous issue of two or more loan policies (Covering Identical Premises): Charge the loan rate set forth in paragraph (2) above based on the aggregate amount of the mortgages to be insured.

  Copyright 2006 by Monroe Title Insurance Corporation